100 Years Ago Today – Tragedies, Currency Bill, & the Trivial

An advertisement at the bottom of page one says, “Shop Now — There are only 35 more shopping days before Christmas.” Some things never change.

Great Lakes blizzard killed 167 and destroy 10 ships.

Lack of Tiller of Soil Given as Reason for Present High Cost of Living
“Professor Kennedy stated that since 1800 cities and towns had gained three inhabitants to the rural districts’ one. Ninety per cent of the population in 1800 was farmers, as against 33 per cent to-day.” Compare with today, farmers represent just 2 percent of the U.S. population.

Senator Asks Investigation of Telephone Company
Senator Norris, of Nebraska, suspected a violation of the Sherman antitrust act.
“ ‘The local phone company is doing business under a charter granted in New York,’ said Norris. ‘It’s stock is owned by another corporation, whose stock in turn is owned by still another corporation. Then, too, the Chesapeake owns the stock of several other companies. It is a perfect mass of corporations.’ ”

Several rail accidents were reported. One near Eufaula, Alabama killed 13 and injured over 100 more. Another wreck near Wooster, Ohio killed 3 and injured another 12. Then there was the “Strange Wreck” in Joliet, Illinois. “Running forty miles an hour, a Santa Fe train carrying many passengers, ran through an open switch in Joliet to-day, but outside of slight injuries to the engineer when the engine plunged thirty feet to the street below, no one was hurt. The first coach alighted on top of the engine and retained its balance. Officials pronounced it the strangest wreck in the road’s history.”

New York City Mayor-elect, John Purroy Mitchel, filed a campaign report the day before. “Two hundred and seventy dollars for boxing lessons and a course in physical training is the largest item contained in the campaign expense account… The memorandum does not state why Mr. Mitchel thought it necessary to learn how to box.”

Old Established Brokerage Firm Forced to Wall H.B. Hollins & Co., New York Banking House, in Bankruptcy “The difficulties of the firm are believed to date back to the panic of 1907, at which time it was burdened with a number of unprofitable properties, including the Cincinnati, Hamilton and Dayton and Pere Marquette Railroads and the Chicago Railways Company. The railroad properties were later taken over by J.P. Morgan & Co.”

Rival Factions Work All Day on Currency Bill
The Federal Reserve system was created by an Act of Congress in December of 1913, here is an article detailing some of the discussions that lead to the eventual law.

“The six Democrats have agreed upon fundamentals that will include the following and which will be acceptable to President Wilson:

Eight regional reserve banks.
Capital stocks to be supplied by the banks, and the reserve banks to be controlled by the banks.
Capital stock of the regionals reduced from 10 per cent of the combined capital of the member banks to 6 per cent of the combined capital stock and surplus.
All reserves held by the reserve banks to be in gold.
Notes authorized to be issued to be redeemed by the reserve banks either in gold or lawful money, but ultimately by the treasury in gold.
The Secretary of the Treasury to be the only public official retained as an ex-officio member of the Federal reserve board.”

“The Federal reserve board is given absolute authority to remove any director upon its own initiative. All that is required is that the official removed and the head of the bank shall be given a statement of the reasons of the board for such action. Vacancies so created are to be filled in the manner provided in the pending bill.”

“The Republicans will include in their bill all the amendments that had been agreed upon up to the time when the split came. They will insist upon four reserve banks, publicly owned and controlled, and the redemption of the notes issued, whether at the treasury or by the reserve banks, in gold only. Upon other questions they probably will not differ substantially from the Democrats.”

“Predictions were made by Senators to-day that the currency bill will not be enacted into law well into February.”

In fact the bill was passed by the House on December 22, 1913 and in the Senate the following day.

Kaiser Wilhelm Takes Drastic Measures to Suppress Craze.
“Kaiser Wilhelm is taking drastic measures to suppress the tango craze, which has fastened itself firmly upon Berlin society. Orders have been issued by the Kaiser to the effect that the tango must not be danced at court balls or other functions, where princes or other members of royalty may be present.
…
It is well known that the Kaiser is opposed to all kinds of modern dancing.”

Those are just a few of the news stories of the day from 100 years ago. You can READ THEM ALL!